Rubicon Research IPO Subscription Begins, Brokerage Firm Recommends 'Subscribe'

On October 9, 2025, the subscription period for Rubicon Research's initial public offering (IPO) is set to commence. Rubicon Research is an integrated pharmaceutical product development company with a strong foothold in the U.S. generics and specialty markets.

The company's focus on complex generics, specialty formulations, and value-added products, supported by its in-house R&D and regulatory capabilities, has positioned it as a key player in the industry. With over 65 commercialized products and a deep development pipeline, Rubicon has demonstrated its ability to combine innovation with cost efficiency.

Brokerage firm Arihant Capital has issued a 'subscribe' rating for the IPO, citing Rubicon's recent entry into the specialty branded space through the Validus acquisition, which is expected to enhance the company's growth visibility. Rubicon's data-driven portfolio strategy and integrated supply chain are also seen as key factors that will ensure sustainable profitability and scalability.

At the upper band of INR 485, the issue is valued at a P/E ratio of approximately 60x, based on an annualized profit after tax (PAT) of INR 8.2 per share in the fiscal year 2025. The IPO comprises an offer for sale (OFS) of INR 8,775 million (18.09 million shares) and a fresh issue of INR 5,000 million (10.31 million shares).